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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | | The major U.S. index futures are pointing to a lower opening on Tuesday, with the early mood suggesting that the markets may open lower yet again. European stocks, though having seen steep losses in the fore-noon session, have trimmed their losses. The dollar is mostly lower and commodities are moving to the upside. After seeing a let up, bond yields are once again climbing. Greece's struggle to stitch together a deal has left the market mood dour. Given the lack of any major catalysts, movement in the other financial markets and any update on Greek debt deal could dictate sentiment.
U.S. stocks declined on Monday in the absence of any major domestic trading catalysts and amid the risk aversion triggered by overseas risks, which created volatility in the bond markets.
The major averages opened slightly lower and declined steadily until late trading. Although the averages recouped some of the losses they ended moderately lower. The Dow Industrials ended down 82.91 points or 0.46 percent at 17,767 and the S&P 500 Index closed 13.55 points or 0.65 percent lower at 2,079, while the Nasdaq Composite closed at 5,022, down 46.83 points or 0.92 percent.
Twenty-three of the thirty Dow components closed lower, with Cisco Systems, Chevron, IBM, Intel and Visa leading the declines.
Among the sectors, transportation, oil service, semiconductor and computer hardware stocks came under intense selling pressure.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Commerce Department is scheduled to release its wholesale inventories report for April at 10 am ET. Economists expect wholesale inventories to have risen by 0.3 percent month-over-month.
Wholesale inventories at the end of March edged up 0.1 percent month-over-month, rendering the annual rate of increase to 5.1 percent. At the same time, wholesale sales edged down 0.2 percent compared to the previous month. On a year-over-year basis, wholesale sales fell 4 percent. Wholesale inventories to sales ratio came in at 1.30 compared to 1.19 in the year-ago period.
The Treasury is set to release the results of its auction of 3-year noted at 1 pm ET.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | United Natural Foods' third quarter results trailed estimates and it lowered its full year guidance.
H&R Block reported above consensus earnings from continuing operations for its full year 2015 but its revenues were slightly shy of estimates.
Casey's General reported better than expected fourth quarter results.
General Electric, a majority stakeholder in Bank BPH, announced that it is continuing a review of strategic options in connection with the sale of its stake in the bank. GE said it is exploring several potential transaction structures, including a full carve out of the Bank BPH's foreign currency denominated mortgage portfolio from the sale.
FedEx announced a 25 percent increase in its quarterly dividend to 25 cents per share.
UAL reported that its consolidated traffic fell 1.4 percentage points, as capacity increased 2.1 percent, faster than the 0.5 percent increase in traffic. American Airlines (AAL) reported a 1.2 percentage point drop in load factor for May to 82.8 percent on the back of a 0.7 percentage increase in traffic and a 2.1 percent increase in capacity.
Christopher & Banks reported below consensus results for the first quarter and it trimmed its guidance for the full year.
Lululemon Athleticav said its first-quarter profit increased from the previous year, helped by higher revenues and a favorable tax rate. Adjusted earnings and revenues topped Wall Street estimates, and the company lifted its forecast for the year.
Pep Boys reported a strong increase in first quarter earnings, boosted by one-time items. Sales rose marginally and slightly missed the consensus estimate.
Newell Rubbermaid announced that it will reaffirm its 2015 outlook for core sales growth of 3.5-4.5 percent and net sales growth of 3-4 percent and normalized earnings per share of $2.10 to $2.18 at the Deutsche Bank Global Consumer Conference. Analysts estimate earnings of $2.16 per share for the quarter.
Alliance One reversed to a profit in its first quarter, while its revenues climbed about 20 percent to $738.1 million. |
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| | European Markets | | European stocks are also retreating for the fourth straight session, as the Greek deal is still in the limbo. Although G7 leaders unanimously called for resolution of the Greek crisis, a solution is still not at sight. Meanwhile, Greece has tabled new proposals before the European Commission that could resolve the differences between the nation and its international creditors, paving way for unlocking of funds for the debt-strapped nation.
In corporate news, Vedanta Resources clarified regarding the speculation concerning a potential merger with Cairn India. The company said if a transaction were to occur it would be considered a reverse takeover. HSBC Holdings said it targets annual cost-saving initiatives of $4.5 bil - $5 bil by 2017, with estimated costs to achieve these savings of $4.0 billion - $4.5 bil over that period. As part of a plan to trim costs, the bank seeks to sell its Turkish and Brazilian operations, while it intends to accelerate investments in Asia.
On the economic front, revised report released by Eurostat showed that the area's economy expanded 0.4 percent sequentially in the first quarter, in line with the preliminary estimate. This follows a revised 0.4 percent rate in the fourth quarter of 2014 and a 0.2 percent increase in the third quarter.
The U.K. Office for National Statistics reported that the U.K.'s trade deficit narrowed to 8.6 billion pounds in April from 10.7 billion pounds in April, marking the smallest deficit since March 2014.
A report released by the British Retail Consortium showed that like-for-like sales in the U.K. were unchanged in May compared to the previous year. Economists expected a 1.2 percent increase. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets fell across the board, dragged lower by the negative close on Wall Street overnight and the deadlocked Greek debt crisis. The Japanese, Indonesian and Taiwanese markets led the declines in the region.
The Japanese market experienced marked weakness, as the safe haven yen strengthened in the wake of rising risk aversion, which dragged export stocks lower. The Nikkei 225 average opened lower and moved sideways until late trading before pulling back steeply. The index ended down 360.89 points or 1.76 percent at 20,096. A majority of stocks retreated, with only a few utility stocks bucking the downtrend.
Australia's All Ordinaries saw some indecision in early trading but managed to climb higher and remained in positive territory till late afternoon trading. Thereafter, the index held mostly below the unchanged line before ending down 26.80 points or 0.49 percent at 5,480. The market witnessed broad based weakness, with consumer, material, healthcare and utility stocks leading the slide.
China's Shanghai Composite ended at 5,114, down 18.35 points or 0.36 percent, and Hong Kong's Hang Seng Index fell 326.76 points or 1.20 percent before closing at 26,990.
On the economic front, the Chinese National Bureau of Statistics reported that annual consumer price inflation eased to 1.2 percent in May from 1.5 percent in April. Economists estimated a 1.3 percent rate for the month. A separate report showed that producer prices fell 4.6 percent compared to the previous year, roughly in line with the 4.5 percent rate expected by economists. Meanwhile, Capital Economists is of the view that price pressures in China are rising, aside of the usual volatility in food inflation, which fell to 1.6 percent from 2.7 percent.
The results of a survey by the Japanese Cabinet Office showed that confidence among consumers in Japan unexpectedly fell in May. The consumer confidence index fell 0.1 points to 41.1, belying expectations for an increase to 41.9.
The National Australia Bank reported that its business confidence index for Australia rose to a 9-month high of 7 in May from 3 in April. The business conditions index rose 3 points to 7. A report released by the Australian Bureau of Statistics showed that the total number of new home loans rose 1 percent month-over-month in May, in contrast to expectations for a 2 percent drop. |
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| | Currency and Commodities Markets | | Crude oil futures are climbing $1.17 to $59.31 a barrel after falling $0.99 to $58.14 a barrel on Monday. Meanwhile, an ounce of gold is currently at $1,178.60, up $5 from the previous session's close of $1,173.60. On Monday, gold rose $5.50.
On the currency front, the U.S. dollar is trading at 124.31 yen compared to the 124.49 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1219 compared to yesterday's $1.1291ln an.
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